2019 (6) TMI 251

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..... ision Bench relying on the Supreme Court decision in the case of Madras Industrial Investment Corporation Ltd. Versus CIT [ 1997 (4) TMI 5 - SUPREME COURT] answered the question in favour of the assessee. Cash subsidy received in earlier year on generator - whether deductible from its cost for the purpose of computing depreciation allowable to the assessee company during the year? - HELD THAT: .....

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..... rmulated by this Court by its order dated 23rd December, 2008 for the purpose of drawing up a statement of case by the tribunal : 1. Whether on the facts and in the circumstances of the case the Tribunal was justified in not allowing the assessee company even proportionate deduction during the year on account of premium payable on debentures issued by the company during assessment .....

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..... 2 answered the question in favour of the assessee. Question No. 2 was also answered in favour of the assessee by relying on another Supreme Court decision in the case of CIT Versus P. J. Chemicals Ltd. reported in [1994] 210 ITR 830 . Both learned Counsel agree that the said judgement of the Supreme Court and the Division Bench judgement of our Court have not .....

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